Morning Market Brief 14th Mar. 2021

The Benchmark KSE100 index have penetrated below supportive trend line of its daily ascending wedge on intraday basis during last trading session but succeeded in recovering above this region before day end. As of now it's expected that index may face some serious pressure therefore it's recommended to stay cautious and post strict stop loss on existing long positions. Meanwhile being last trading day of the week today's closing matters a lot and if index would slide below 45,370pts at day end then it would start a bearish rally in coming days. Currently index is standing at edge as its ready for bearish breakout of its ascending wedge and once index would succeed in giving this breakout then it may start sliding towards 44,500pts and 42,800pts. While on flip side in case of bullish pull back on intraday basis index would face initial resistance at 45,620pts where its being capped by a horizontal resistance region on hourly while breakout above this region would call for 45,730pts and 45,860pts. Hourly momentum indicators are trying to create attraction for bullish pull back but it's recommended to wait for today's closing instead of initiating new long positions on immediate basis. 

Most share markets firmed and oil slid on Monday on hopes for progress in Russian-Ukraine peace talks even as fighting continued to rage, while bond markets braced for rate rises in the United States and UK this week.While Russian missiles hit a large Ukrainian base near the border with Poland on Sunday, both sides gave their most upbeat assessment yet of prospects for talks.Just the chance of peace saw S&P 500 stock futures add 0.3%, while Nasdaq futures rose 0.2%. EUROSTOXX 50 futures gained 0.9% and FTSE futures 0.4%.Tokyo's Nikkei rose 0.8%, but MSCI's broadest index of Asia-Pacific shares outside Japan was dragged down 1.1% by losses in China.Chinese blue chips shed 1.1% after a jump in coronavirus cases saw the southern city of Shenzen locked down and stoked speculation about more policy easing.Read More...

As paracetamol painkillers continue to remain in short supply across the country, a pharmacists’ association has claimed that the shortage is being engineered to create space for a new, high-dosage variant of the medicine being sold at three times higher rates. In a letter to Prime Minister Imran Khan and available with Dawn, the Pakistan Young Pharmacist Association (PYPA) noted that the price of a 500mg paracetamol tablet had already been increased from Re0.90 to Rs1.70 during the last four years.Read More...